'Cash for clunkers' plan passed by Congress

A look at a plan passed by Congress to provide consumers with rebates of up to $4,500 to turn in their gas-guzzling cars and trucks for more fuel-efficient vehicles.

–The $1 billion program is authorized from July through November. It is expected to be implemented by early August.

–Passenger car owners could receive a voucher worth $3,500 if they traded in a passenger car getting 18 miles per gallon or less for a new car getting at least 22 mpg.

–Owners of SUVs, pickup trucks or minivans that get 18 mpg or less could receive a voucher for $3,500 if their new SUV, truck or minivan gets at least 2 miles per gallon more than their old vehicle.

–Passenger car owners could get a voucher for $4,500 if they traded in a passenger car getting 18 mpg or less for a new car that is 10 mpg higher than the old car.

–SUV, pickup truck or minivan owners who get 18 mpg or less could receive a voucher for $4,500 if the mileage of the new truck or SUV is at least 5 mpg higher than the older vehicle.

–Large trucks (pickup trucks and vans weighing 6,000-8,500 pounds) with mileage of at least 15 mpg would be eligible for vouchers of $3,500 to $4,500.

–Participating dealers can access electronic vouchers from the government for consumers to purchase or lease qualifying vehicles.

–Dealers are directed to ensure that older vehicles are crushed or shredded to get the clunkers off the road.

–The program is aimed at replacing older vehicles, so it would not make financial sense for consumers owning an older car with a trade-in value greater than $3,500 or $4,500.

–Older trade-in vehicles must be in drivable condition, be manufactured in model year 1984 or later and be continuously insured and registered to the same owner for at least one year immediately prior to trade-in.

–The new vehicle must have a manufacturer's suggested retail price of less than $45,000.

–The mpg values are EPA combined city/highway fuel economy as posted on the window stickers of the new vehicles and can be found at
http://www.fueleconomy.gov
.